The share of Zavarovalnica Triglav

The shares of Zavarovalnica Triglav have been listed on the Ljubljana Stock Exchange Prime Market since 5 December 2011. Thereby, the Company is committed
to the highest standards of business and reporting in both the domestic and international markets.

*In calculating the book value per share, equity of Zavarovalnica Triglav and the number of shares as at the reporting date were taken into account.
**In calculating net earnings per share, net profit of Zavarovalnica Triglav and weighted average number of total shares were taken into account.

In acquiring shares, the existing and potential shareholders of Zavarovalnica Triglav are required to observe the following provisions of the Insurance
Act:

The acquisition of shares of Zavarovalnica Triglav by which a person directly or indirectly acquires or exceeds the qualifying holding in the Company
requires a prior authorisation of the Insurance Supervision Agency. A qualifying holding is a direct or indirect holding of shares or other rights that
gives the holder a 10% share of voting rights or equity interest, or that gives the holder a share of voting rights or equity interest that is smaller than
10%, but nevertheless allows the holder to significantly influence the management of the company.

A prior authorisation of the Insurance Supervision Agency is required for any further acquisition of shares of the insurance company, by which the person
having obtained an authorisation acquires or exceeds the 20%, 33.3% or 50% limit of voting rights or equity interest, or by which the person becomes a
controlling company of the insurance company.

Apart from that, a new prior authorisation of the Insurance Supervision Agency is required before any further acquisition of shares by which a qualified
holder would surpass the range for which an authorisation for the acquisition of a qualifying holding had been issued.

A prior authorisation of the Insurance Supervision Agency for the acquisition of a qualifying holding is also obligatory for shareholders of the
insurance company who jointly own shares by which they reach or exceed a qualifying holding in the insurance company and who intend to enter into a
shareholders’ agreement.

Moreover, the Insurance Act sets out the obligations and the requirement to obtain prior authorisations for entities that have agreed to a concerted
acquisition of the shares of the insurance company or a concerted exercising of management rights attached to the shares in the case that they do not reach
a qualifying holding, as well as in the case that they intend to acquire a holding by which they would jointly reach or exceed a qualifying holding.

Holders of shares that have been acquired or are possessed contrary to the Insurance Act have no voting rights. See the Insurance Act for details.

Movements in the share value of Zavarovalnica Triglav in 2014

Movements in the share value of Zavarovalnica Triglav in 2014

The year 2014 saw a growing price and increased liquidity of the ZVTG share. Its price increased by over 24%. Starting at EUR 19.00 on the first trading
day, the share peaked to its highest price of EUR 25.89 in on 24 September 2014. As at 31 December 2014, the closing price reached EUR 23.60.

The ZVTG share was the seventh most traded share among 52 shares on the Ljubljana Stock Exchange, accounting for as much as 7% of total trading volume. The
average turnover of ZVTG shares per trading day was EUR 168,611, which was 13% less compared to 2013 (EUR 193,355).

Movements in the closing price (right axis) and trading volume in EUR (left axis) of the ZVTG share

Comparison of movements in the average daily price of the ZVTG share and movements in the value of the SBI TOP Index in EUR in 2014 as compared to 31 December 2013

The ZVTG share price recorded movement similar to the trends of the SBI TOP Index, of which the ZVTG share represented 11%. The SBI TOP Index grew by 20%,
however the ZVTG share climbed above the SBI TOP Index by 4 percentage points.

The ZVTG share as one of the most liquid shares of the Ljubljana Stock Exchange is included in the Slovene SBI TOP Index and ten indices (six in 2013) of
the regional Central and Eastern European Stock Exchange Group (CEESEG) under the auspices of the Vienna Stock Exchange. These indices are the following:
CECE Mid Cap (CECE MID EUR in CECE MID USD), CECE Extended (CECExt EUR and CECxt USD), South-East Europe Traded Index (SETX EUR and SETX USD), CEESEG
Financials CEESEG FIN, CEE Responsible Investment Universe CEERIUS, SETX Net Total Return SETX NTR and SETX Total Return SETX TR.